Inadequate Cybersecurity Goes Beyond Vulnerability to Threats

8 Challenges That Keep Financial Services CTOs and CIOs Up at Night

CIO quoted Manatt’s Craig Miller, co-chair of the firm’s financial services practice, for an article about the challenges faced by CIOs and CTOs in the financial services industry. According to the 2016 Vormetric Data Threat Report -- Financial Services Edition, 90 percent of financial services IT executives surveyed said that they felt vulnerable to data threats, with 44 percent of those executives having already experienced a data breach.

“Increased focus in the areas of data and cybersecurity means that CIOs and CTOs need to appreciate that even in the absence of a data breach, failure to adequately assess and respond to cybersecurity risk can lead to downgrades in regulatory ratings and potentially punitive action by a regulatory agency,” said Miller.

Read the article here



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